Universal Registration Document 2025

5.6 Dividend distribution policy

5 Commentary of the financial year

5.6 Dividend distribution policy

5.6 DIVIDEND DISTRIBUTION POLICY

DIVIDEND DISTRIBUTION POLICY
Dividend paid for the financial year Number of shares that received dividends(1) Unit dividend (in euros) Total payout (in millions of euros) Share price at December 31 (in euros) Yield
2021

2021

Number of shares that received dividends

(1)

251,129,966

2021

Unit dividend

(in euros)

2.40

2021

Total payout

(in millions of euros)

602.7

2021

Share price at

December 31 (in euros)

59.20

2021

Yield

4.05%

2022

2022

Number of shares that received dividends

(1)

250,501,916

2022

Unit dividend

(in euros)

2.90

2022

Total payout

(in millions of euros)

737.5

2022

Share price at

December 31 (in euros)

59.42

2022

Yield

4.88%

2023

2023

Number of shares that received dividends

(1)

254,311,860

2023

Unit dividend

(in euros)

3.40

2023

Total payout

(in millions of euros)

853.4

2023

Share price at

December 31 (in euros)

84.00

2023

Yield

4.05%

2024

2024

Number of shares that received dividends

(1)

254,311,860

2024

Unit dividend

(in euros)

3.60

2024

Total payout

(in millions of euros)

902.9

2024

Share price at

December 31 (in euros)

103.00

2024

Yield

3.50%

2025

2025

Number of shares that received dividends

(1)

254,311,860

2025

Unit dividend

(in euros)

3.75(2)

2025

Total payout

(in millions of euros)

953.7

2025

Share price at

December 31 (in euros)

88.62

2025

Yield

4.23%

As part of the Sprint to the Future plan, the Groupe committed to a payout ratio of around 45%.

On the occasion of its annual results for 2021, the Groupe proposed to increase its dividend payout ratio, which will be between 45% and 50%. Accordingly, the Groupe paid a dividend of euro 2.40 per share for 2021 and then euro 2.90 per share for 2022, corresponding to payout ratios of 47.8% and 45.7% respectively of headline diluted earnings per share. The Groupe continued with a dividend of euro 3.40 per share for 2023 and euro 3.60 per share for 2024, corresponding to payout ratios of 48.9% and 49.3% of headline diluted earnings per share, respectively.

For 2025, the Groupe will propose a dividend of euro 3.75 per share to its shareholders at the General Shareholders’ Meeting of May 27, 2026. This dividend corresponds to a payout ratio of 50.1% of headline diluted earnings per share.

For individuals residing in France, the dividend is subject to income tax at either a flat rate or a progressive tax scale, at the taxpayer’s option.

If the taxpayer does not opt for the progressive income tax scale, the dividend is subject, at the time of payment, to social security withholdings of 18.6% and a non-discharging flat-rate income tax installment of 12.8%. This withholding tax is applied at the source and calculated on the gross dividend amount.

In the event of a global and irrevocable option by the taxpayer for the progressive income tax scale, this dividend is fully eligible for the 40% allowance provided for in Article 158.3.2° of the French General Tax Code.

5.7 OUTLOOK

The trends set out below do not constitute profit forecasts or estimates within the meaning of European regulation no. 809/2004 of April 29, 2004, as amended, implementing directive 2003/71/00 of the European Parliament and of the Council of November 4, 2003.

The Groupe announced its 2026 outlook during its full year results presentation on February 3, 2026. This outlook was confirmed with the publication of net revenue for the first quarter of 2026 on April 14, 2026.

As a result of its new business tailwind, high client retention rate and growth across its client base, Publicis has laid the foundation for a 7th consecutive year of industry outperformance in 2026. For the full year 2026, the Groupe aims to deliver +4% to +5% net revenue organic growth. The Groupe is confident that the +4% is rock solid.

The Groupe also expects to see a slight sequential acceleration in net revenue organic growth in Q2 2026, provided that macro-economic conditions do not significantly deteriorate.

The Group expects its financial ratios to reach new record highs in 2026, including:

  • Operating margin rate at slightly above 18.2% while maintaining a high level of investment.
  • Free cash flow at c. euro 2.1 billion before change in working capital requirements, based on EUR = 1.20 USD parity.

The Groupe has all the conditions in place to sustain this performance beyond 2026, and confirms its objective of net revenue and headline EPS annual growth at constant currency of +6% to +7% and +7% to +9% respectively.